The right to have and to hold real or personal property; one of the bundle of rights.

A right to, share of, participation in, or ownership of real or personal property that entitiles one to possess and control the property, not merely to use it.

For example, fee simple ownership of real estate is a possessory interest and therefore constitues an estate; the right to use an access road or easement on the private property of another is neither a possessory interest nor an estate.

The right of reversion and future interest retained by the grantor of an estate in qualified fee determinable which allows him to automatically recover fee ownership of the property if the grantee fails to comply with a special limitation stipulated as a condition of the sale.
Contrast with Right of reentry.

The true north and south line extending from an initial point in both directions. Principal meridians are the first north-south lines (meridians) surveyed for an area and form the basis for measuring ranges east and west.

Latin.
1. To divide or distribute proportionately according to ownership, time remaining on a contract, etc.
2. In proportion to: A prorated refund for a partially fulfilled contract is equal to the payment amount remaining for that portion of the contract which is unfulfilled. Also known as prorate.

The rights, benefits, and interests one has in something that is owned; note that property in a legal sense refers to these rights and interests, not to the physical items owned.

1. To divide or distribute proportionately according to ownership, time remaining on a contract, etc.
2. In proportion to: A prorated refund for a partially fulfilled contract is equal to the payment amount remaining for that portion of the contract which is unfulfilled. Also known as pro rata.

Statement in a deed that specified actions or improvements can or cannot take pace on a given property. The covenants may stipulate the use of the property, restrict the number of occupants and prohibit certain actions. Alternately, an agreement restricting specified financial transactions.

The disclosure document issued by the Arizona Department of Real Estate (ADRE) which allows a developer or subdivider to sell lots within a platted, recorded subdivision. Also known as the Commissioner's Public Report (CPR), this document is issued only after the extensive subdivision application has been approved and the subdivision has been physically inspected. A demonstration of a 100-year water supply may also be required.

A freehold estate with a less-than-absolute interest in real property, subject to certain conditions or contingencies such as the occurrence (or non-occurrence, as the case may be) of certain specified events. There are two types of estates in qualified fee: qualified fee conditional (also known as subject to condition subsequent) and qualified fee determinable. Estates in qualified fee allow for recovery of fee simple ownership of the property by the grantor if the grantee either commits certain acts (qualified fee conditional), or fails to comply with a special limitation (qualified fee determinable). Estates in qualified fee are of unlimited duration, but only if the conditions or special limitations specified by the grantor are not violated or are continually met. An estate in qualified fee differs from one in fee simple absolute in that it has a clearly defined potential endpoint, and the property interest is less than fee ownership.
Same as Fee simple defeasible or Fee simple qualified.

An estate in qualified fee conditional is one in which the former owner in fee simple (the grantor) has specified that the new owner (the grantee), as well as his or her heirs or assigns, cannot violate a stipulated condition. If they do, the former owner retains the right of re-entry, which allows him or her to re-enter the land to make sure the condition has not been violated. The right of re-entry is also the legal mechanism through which the current estate ends and the former owner can recover fee simple ownership (a process known as reversion). Generally, the right of re-entry can be exercised only if an action is performed that has specifically been prohibited. Whether or not to take legal action to recover fee ownership of the property is at the sole discretion of the grantor.
Also known as Qualified fee subject to condition subsequent.

Example: Mr. Smith owns land in fee simple absolute, which he sells to Mr. Jones under the condition that the land not be used for industrial purposes, even though industrial land use is permissible according to local zoning regulations. If Mr. Jones constructs a factory on the property, or develops the land for any other industrial purpose, the estate ends and Mr. Smith (or his heirs) can regain ownership of the land. In order to recover the estate, Mr. Smith or his heirs must petition a court with jurisdiction over real estate matters.

An estate in qualified fee determinable is a freehold estate in real property that has been qualified with a special limitation. If the new owner (grantee) fails to comply with the terms of the limitation, the former owner (grantor) has the right to recover ownership of the property. The grantor of an estate in qualified fee determinable retains the possibility of reverter, a future interest and right of reversion which, if exercised, ends the estate in qualified fee and allows for automatic reacquisition of ownership. Estates in qualified fee determinable, together with estates in qualified fee conditional, are the two primary examples of estates in fee simple defeasible, also known as estates in qualified fee. Qualified fee determinable estates differ from those in qualified fee conditional in that reversion is automatic and no court action is required.

For example, Mrs. Brown owns a parcel of land in fee simple and decides to sell it to Mrs. Garcia, with the contingency that a specified portion of the property must be used for agricultural purposes only. If Mrs. Garcia uses that part of the property for any purpose that is not agricultural, Mrs. Brown has the right to recover fee ownership. Whether or not she may recover all of the property or just that portion where the violation of the special condition occurred depends on the wording of the deed, the document used to create the estate in qualified fee.

An estate in qualified fee subject to condition subsequent is a freehold estate in which the former owner in fee simple (the grantor) has specified that the new owner (the grantee), as well as the grantee's heirs or assigns, cannot violate a stipulated condition. If they do, the former owner retains the right of re-entry, which allows him or her to re-enter the land to make sure the condition has not been violated. The right of re-entry is also the legal mechanism through which the current estate ends and the former owner can recover fee simple ownership (a process known as reversion). Generally, the right of re-entry can be exercised only if an action is performed that has specifically been prohibited. Whether or not to take legal action to recover fee ownership of the property is at the sole discretion of the grantor.
Same as qualified fee conditional.

Example: Mr. Smith owns land in fee simple absolute, which he sells to Mr. Jones under the condition that the land not be used for industrial purposes, even though industrial land use is permissible according to local zoning regulations. If Mr. Jones constructs a factory on the property, or develops the land for any other industrial purpose, the estate ends and Mr. Smith (or his heirs) can regain ownership of the land. In order to recover the estate, Mr. Smith or his heirs must petition a court with jurisdiction over real estate matters.

Noun: A lawsuit in a court with jurisdiction over land disputes, such as a circuit or superior court, intended to establish or settle the title to a particular property, especially where there is a cloud on the title or claims against the title are being made.
Verb: To make, cause, or create a condition where disputed title to real property has been established or settled.

A lawsuit in a court with jurisdiction over land disputes, such as a circuit or superior court, intended to establish or settle the title to a particular property, especially where there is a cloud on the title or claims against the title are being made.

1. Land, improvements upon the land (structures such as buildings, fences, sewers or septic tanks, etc.), and appurtenances that run with the land (such as streets, sidewalks, and easements).
2. Ownership of land, improvements, appurtenances, and natural resources of the land (such as minerals, oil, gas, water, etc.).

Technically, real property refers to the interests, benefits, and rights included in the ownership of real estate. In practical use, it is synonymous with real estate or realty. Ownership of real property includes the "bundle of rights".

Same as real estate:
1. Land, improvements upon the land (structures such as buildings, fences, sewers or septic tanks, etc.), and appurtenances that run with the land (such as streets, sidewalks, and easements).
2. Ownership of land, improvements, appurtenances, and natural resources of the land (such as minerals, oil, gas, water, etc.).

A clause usually found in percentage leases, especially in shopping center leases, giving the landlord the right to terminate the lease (and thus recapture the premises) if the tenant does not maintain a specified minimum amount of business, usually in terms of gross income.

1. An independent and neutral party appointed by a court to impartially administer, preserve and hold in trust property which is involved in litigation or bankruptcy, pending final disposition of the matter before the court.
2. One who collects or receives money on behalf of another.

The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts of sale, options, assignments, and the like. Legal recording imparts constructive notice to all the world of the existence of the recorded document and its contents.

A zoning classification or type of zoning district that permits urban or suburban land use that facilitates leisure activities such as golf courses, parks, greenways, and urban trails.

The right of a mortgagor who has defaulted on the mortgage note to redeem or recover the title to the property by paying off the entire mortgage note prior to the foreclosure sale.

Definition: The act or practice of mapping geographic areas where mortgage lenders do not wish to make loans or insurance underwriters do not wish to provide insurance coverage, for reasons other than the financial or insurance qualifications of individual applicants. The term redlining refers to the drawing of a line around such an area on a map, and often reflects a racial bias. This practice is illegal under the Federal Fair Housing Act.


Terms and Definitions: Real Estate, Legal, Management

The act or process of applying for and obtaining a new loan with different terms than the existing loan. One or more financial goals may be met through refinancing: paying off or satisfying the existing loan, obtaining a lower interest rate, decreasing the duration of the loan, lowering the total amount paid, and/or reducing the monthly (periodic) payments.